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ShapeShift, a service that allows users to instantly cross-convert over 40 cryptocurrencies, has been down over the weekend with a notice on the site that it will likely be down for a few days for an infrastructure upgrade. This has lead some traders to speculate in online forums that ShapeShift is trying to shield itself from the drop in the price of Ethereum (down 25% this week) but the real reason seems worse.

As is all too common in the cryptocurrencies scene, ShapeShift was hit with a hacking attempt that hurt its holdings. In this case the company claims that no clients funds were compromised and that ... (read more)